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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q138-Q143):

NEW QUESTION # 138
Which statement regarding the Fund Facts document is CORRECT?

A. Before accepting an order from a client, a Dealing Representative is expected to provide and explain the Fund Facts document.
B. The Fund Facts document must be delivered to the client, electronically or in writing, within 5 days of the transaction date.
C. The Fund Facts document must not contain performance data.
D. For leveraged accounts, the Fund Facts document is not required if the client has been provided with the Leverage Risk Disclosure document.

Answer: A

Explanation:
Explanation
The Fund Facts document is a summary disclosure document that highlights key information about a mutual fund or an exchange-traded fund (ETF), such as the performance history, investments, fees, and risks.
According to the Point of Sale (POS) disclosure rules, a Dealing Representative must provide and explain the Fund Facts document to the client before accepting an order to buy or switch a fund. This allows the client to make an informed investment decision and to know their rights.
References = Fund Facts | AMF - Autorite des marches financiers, Fund Facts/ETF Facts - Fidelity, Understanding Fund Facts | GetSmarterAboutMoney.ca, IFSE CIFC Module 2: The Investment Industry, page
2-16.

NEW QUESTION # 139
Raybert has a very short-term investment objective and has decided to purchase money market instruments.
There are plenty of 90-day money market securities available for him to choose from. Although Raybert is aware that all the respective issuers have a similar need for his capital, no matter what he decides, he can only afford to purchase one.
In terms of financial markets and their relationship to the principles of supply and demand, which characteristic of investment capital are the issuers being exposed to?

A. Sensitivity
B. Scarcity
C. Risk
D. Mobility

Answer: B

Explanation:
Explanation
Scarcity is a characteristic of investment capital that refers to the limited availability of capital relative to the demand for it. Scarcity affects the price and return of capital, as well as the allocation of capital among different issuers and sectors. When capital is scarce, issuers have to compete for it by offering higher returns or lower prices, or by adjusting their financing strategies. When capital is abundant, issuers have more access to it at lower costs or higher prices, or by diversifying their sources of capital. In this case, Raybert has a very short-term investment objective and has decided to purchase money market instruments. There are plenty of
90-day money market securities available for him to choose from, but he can only afford to purchase one. This means that the issuers of these securities are exposed to the scarcity of capital, as they have to attract Raybert and other investors with similar objectives by offering competitive rates or discounts.
References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 1: Economic Factors and Financial Markets, Section 5.1.1: Characteristics of Investment Capital1; CIFC prepkit, Chapter 5: Types of Investments, Question 5.1.1 2

NEW QUESTION # 140
Which of the following statements about nominee name accounts is TRUE?

A. Discretionary trading on a client's account, without specific instructions, is permitted.
B. The dealer is the registered owner of the account and holds funds in trust for the client.
C. A Limited Trading Authorization (LTA) is necessary since the dealer, and not the client, is the registered owner of the mutual funds.
D. Holding accounts in nominee name means the client no longer needs to provide any trading instructions.

Answer: B

Explanation:
Explanation
A nominee name account is a type of account where the dealer, not the client, is the registered owner of the mutual funds held in the account. The dealer holds the funds in trust for the client and acts as the nominee for the client. The client is the beneficial owner of the funds and retains all the rights and benefits associated with the ownership. The dealer is responsible for maintaining the records of the client's transactions and holdings, and for providing the client with confirmations, statements, and tax slips.
References = Canadian Investment Funds Course, Unit 8: Mutual Fund Administration, Lesson 1: Account Registration, Section 8.1.2: Nominee Name Accounts1; CIFC prepkit, Chapter 8: Mutual Fund Administration, Question 8.1.2 2

NEW QUESTION # 141
Janine will celebrate her 71st birthday this year. She currently has a lot of money in a personal registered retirement savings plan (RRSP) and knows there are rules about what she can do with those funds. Which of the following is TRUE?

A. She can purchase a registered term or life annuity.
B. She can take the entire amount in cash, with no tax consequences because her RRSP funds were tax-sheltered.
C. She can convert her RRSP to a registered retirement income fund (RRIF) this year or by December 31st of next year.
D. She can convert her RRSP to a locked-in retirement income fund (LRIF).

Answer: A

NEW QUESTION # 142
If an investor was looking for an investment with a risk equal to that of the market, which factor would she want in an investment?

A. a beta of 1
B. a standard deviation of 0
C. a beta of 0
D. a standard deviation of 1

Answer: A

Explanation:
Explanation
Beta is a measure of the systematic risk of an investment, which is the risk that is related to the movements of the market as a whole. Beta compares the volatility of an investment to the volatility of the market. A beta of 1 means that the investment has the same level of risk as the market, and it tends to move in the same direction and magnitude as the market. A beta of 0 means that the investment has no correlation with the market, and it is unaffected by market fluctuations. A beta greater than 1 means that the investment is more risky than the market, and it tends to amplify the market movements. A beta less than 1 means that the investment is less risky than the market, and it tends to dampen the market movements. Therefore, if an investor was looking for an investment with a risk equal to that of the market, she would want a beta of 1. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.5: Risk and Return of Mutual Funds, page 4-231
* Beta Definition - Investopedia2

NEW QUESTION # 143
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